Hong Kong Launches $2 Billion Fund To Support Tech Start-Ups

Hong Kong Launches $2 Billion Fund To Support Tech Start-Ups

The Hong Kong government has launched a HK $ 2 billion (US $ 256 million) fund to invest in local innovation and technology start-ups.A report pub

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The Hong Kong government has launched a HK $ 2 billion (US $ 256 million) fund to invest in local innovation and technology start-ups.

A report published at South China Morning Post (scmp.com) reported that the government said in September that it is inviting venture capital investors to apply to become co-investment partners of the new Innovation and Technology Venture Fund (ITVF).

The Hong Kong government has been known for trying to improve city`s high-tech sector making it a leading technology hub.

“The ITVF will help fill the funding gap for local technology start-ups. We are confident that having this new fund will be conducive to developing a more vibrant Hong Kong innovation and technology ecosystem.”‘, as Nicholas W Yang, the secretary for innovation and technology, said.

The Hong Kong government will sign an agreement with venture capital funds, helping them financially by investing in eligible start-ups at a ratio of around 1:2.

The selection of funds will reportedly be based on a number of criteria as well as the recommendation of an independent advisory committee that that brings together  veterans from business and investment sectors, professionals and academics, according to South China Morning Post.

The ITVF is open for applications until January 15, 2018, as stated by the Innovation and Technology Commission (ITC).

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